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Secured Debt Arrangements, Net (Tables)
 9 Months Ended
Sep. 30, 2023
Debt Disclosure [Abstract]  
Schedule of Weighted Average Maturities and Interest Rates of Borrowings
Our borrowings under secured debt arrangements at September 30, 2023 and December 31, 2022 are detailed in the following table ($ in thousands):
September 30, 2023December 31, 2022
 
Maximum Amount of Borrowings(1)
Borrowings Outstanding(1)
Maturity (2)
Maximum Amount of Borrowings(1)
Borrowings Outstanding(1)
Maturity (2)
JPMorgan Facility - USD(3)(4)
$1,483,312 $1,155,531 September 2026$1,532,722 $1,306,320 September 2026
JPMorgan Facility - GBP(3)(4)
16,688 16,688 September 202667,278 67,278 September 2026
Deutsche Bank Facility - USD(3)
700,000 275,815 March 2026700,000 385,818 March 2026
Atlas Facility - USD(5)
689,770 663,817 
April 2027(6)(7)
635,653 632,747 
August 2026(6)(7)
HSBC Facility - GBP367,922 367,922 April 2025364,423 364,423 April 2025
HSBC Facility - EUR269,518 269,518 
January 2026(7)
272,890 272,890 January 2026
Goldman Sachs Facility - USD300,000 17,868 
November 2025(8)
300,000 70,249 
November 2025(8)
Barclays Facility - USD200,000 109,843 
June 2027(6)
200,000 111,909 June 2027
MUFG Securities Facility - GBP196,137 196,137 
June 2025(6)
194,272 194,272 June 2025
Churchill Facility - USD130,000 127,822 March 2026— — N/A
Santander Facility - USD300,000 75,000 
February 2026(6)
— — N/A
Santander Facility - EUR57,094 53,267 August 202457,807 53,320 August 2024
Total Secured Credit Facilities4,710,441 3,329,228 4,325,045 3,459,226 
Barclays Private Securitization - GBP, EUR, SEK1,818,199 1,818,199 
February 2026(7)
1,850,076 1,850,076 
February 2026(7)
Revolving Credit Facility - USD(9)
170,000 — March 2026— — N/A
Total Secured Debt Arrangements6,698,640 5,147,427 6,175,121 5,309,302 
Less: deferred financing costsN/A(11,572)N/A(12,477)
Total Secured Debt Arrangements, net(10)(11)(12)
$6,698,640 $5,135,855 $6,175,121 $5,296,825  
———————
(1)As of September 30, 2023, British Pound Sterling("GBP"), Euro ("EUR"), and Swedish Krona ("SEK") borrowings were converted to USD at a rate of 1.22, 1.06, and 0.09, respectively. As of December 31, 2022, GBP, EUR and SEK borrowings were converted to USD at a rate of 1.21, 1.07 and 0.10, respectively.
(2)Maturity date assumes extensions at our option are exercised with consent of financing providers, where applicable.
(3)The JPMorgan Facility and Deutsche Bank Facility enable us to elect to receive advances in USD, GBP, or EUR.
(4)The JPMorgan Facility allows for $1.5 billion of maximum borrowings in total as of September 30, 2023. The JPMorgan Facility was temporarily upsized from $1.5 billion to $1.6 billion during August 2022 and the maximum borrowings decreased to $1.5 billion as of January 2023.
(5)The Atlas Facility was formerly the Credit Suisse Facility. See "—Atlas Facility" below for additional discussion.
(6)Assumes financings are extended in line with the underlying loans.
(7)Represents weighted average maturity across various financings with the counterparty. See below for additional details.
(8)Assumes facility enters the two-year amortization period subsequent to the November 2023 maturity, which allows for the refinancing or pay down of assets under the facility.
(9)The current stated maturity of the Revolving Credit Facility is March 2026. Borrowings under the Revolving Credit Facility bear interest at a per annum rate equal to the sum of (i) a floating rate index and (ii) a fixed margin. Borrowings under the Revolving Credit Facility are full recourse to certain guarantor wholly-owned subsidiaries of the Company. See "—Revolving Credit Facility" below for additional discussion.
(10)Weighted-average borrowing costs as of September 30, 2023 and December 31, 2022 were applicable benchmark rates and credit spread adjustments, plus spreads of USD: +2.45% / GBP: +1.99% / EUR: +1.65% / SEK: +1.50% and USD: +2.28% / GBP: +2.02% / EUR: +1.54%/ SEK: +1.50%, respectively.
(11)Weighted average advance rates based on cost as of September 30, 2023 and December 31, 2022 were 68.7% (65.0% (USD) / 71.6% (GBP) / 72.1% (EUR) / 80.4% (SEK)) and 68.8% (63.9% (USD) / 74.0% (GBP) / 72.1% (EUR) / 80.5% (SEK)), respectively.
(12)As of September 30, 2023 and December 31, 2022, approximately 58% and 58% of the outstanding balance under these secured borrowings were recourse to us.
Schedule of Assets Under the Private Barclays Securitization
The table below provides principal balances and the carrying value for commercial mortgage loans pledged to the Barclays Private Securitization as of September 30, 2023 and December 31, 2022 ($ in thousands):
September 30, 2023
Local CurrencyCountOutstanding PrincipalCarrying Value
GBP7$1,537,840 $1,519,137 
EUR5726,912723,610
SEK1236,381 234,376 
Total 13$2,501,133 $2,477,123 
December 31, 2022
Local CurrencyCountOutstanding PrincipalCarrying Value
GBP7$1,495,616 $1,475,241 
EUR5752,531747,240
SEK1248,064 245,714 
Total 13$2,496,211 $2,468,195 
The table below provides the borrowings outstanding (on an as converted basis) and weighted-average fully-extended maturities by currency for the assets financed under the Barclays Private Securitization as of September 30, 2023 ($ in thousands):
Borrowings Outstanding(1)
Fully-Extended Maturity(2)
Total/Weighted-Average GBP$1,114,701 
June 2026
Total/Weighted-Average EUR514,393
June 2025(3)
Total/Weighted-Average SEK189,105May 2026
Total/Weighted-Average Securitization$1,818,199 February 2026
———————
(1)As of September 30, 2023, we had £913.8 million, €486.5 million, and kr2.1 billion of borrowings outstanding under the Barclays Private Securitization secured by certain of our commercial mortgage loans.
(2)Assumes underlying loans extend to fully extended maturity and extensions at our option are exercised.
(3)The EUR portion of the Barclays Private Securitization has an "evergreen" feature such that the facility continues for one year and can be terminated by either party on certain dates with, depending on the date of notice, a minimum of nine to twelve months' notice.

The table below provides the borrowings outstanding (on an as converted basis) and weighted-average fully-extended maturities by currency for the assets financed under the Barclays Private Securitization as of December 31, 2022 ($ in thousands):
Borrowings Outstanding(1)
Fully-Extended Maturity(2)
Total/Weighted-Average GBP1,125,420May 2026
Total/Weighted-Average EUR526,204
July 2025(3)
Total/Weighted-Average SEK198,452May 2026
Total/Weighted-Average Securitization$1,850,076 February 2026
———————
(1)As of December 31, 2022, we had £931.4 million, €491.6 million, and kr2.1 billion of borrowings outstanding under the Barclays Private Securitization secured by certain of our commercial mortgage loans.
(2)Assumes underlying loans extend to fully extended maturity and extensions at our option are exercised.
(3)The EUR portion of the Barclays Private Securitization has an "evergreen" feature such that the facility continues for one year and can be terminated by either party on certain dates with, depending on the date of notice, a minimum of nine to twelve months' notice.
The following table summarizes the terms of the Term Loans as of September 30, 2023 ($ in thousands):
Principal Amount
Unamortized Issuance Discount(1)
Deferred Financing Costs(1)
Carrying ValueRateMaturity Date
2026 Term Loan$478,750 $(923)$(4,685)$473,142 2.86 %5/15/2026
2028 Term Loan292,500 (1,893)(3,368)287,239 3.61 %3/11/2028
Total$771,250 $(2,816)$(8,053)$760,381 
———————
(1)     Unamortized issuance discount and deferred financing costs will be amortized to interest expense over remaining life of respective term loans.
The following table summarizes the terms of the Term Loans as of December 31, 2022 ($ in thousands):
Principal Amount
Unamortized Issuance Discount(1)
Deferred Financing Costs(1)
Carrying ValueRateMaturity Date
2026 Term Loan$482,500 $(1,190)$(6,106)$475,204 2.75 %5/15/2026
2028 Term Loan294,750 (2,214)(3,927)288,609 3.50 %3/11/2028
Total$777,250 $(3,404)$(10,033)$763,813 
———————
(1)     Unamortized issuance discount and deferred financing costs will be amortized to interest expense over remaining life of respective term loans.
Schedule of Assets and Liabilities
The table below provides the assets and liabilities of the Barclays Private Securitization VIE included in our condensed consolidated balance sheets ($ in thousands):
September 30, 2023December 31, 2022
Assets:
Cash$1,740 $758 
Commercial mortgage loans, net(1)
2,477,123 2,468,195 
Other Assets39,055 30,992 
Total Assets$2,517,918 $2,499,945 
Liabilities:
Secured debt arrangements, net (net of deferred financing costs of $2.0 million and $2.3 million in 2023 and 2022, respectively)
$1,816,213 $1,847,799 
Accounts payable, accrued expenses and other liabilities(2)
7,623 8,814 
Total Liabilities$1,823,836 $1,856,613 
———————
(1)Net of the General CECL Allowance of $7.2 million and $8.2 million as of September 30, 2023 and December 31, 2022, respectively.
(2)Includes General CECL Allowance related to unfunded commitments on commercial mortgage loans, net of $2.7 million and $2.9 million as of September 30, 2023 and December 31, 2022, respectively.
Interest Income and Interest Expense Disclosure
The table below provides the net income (loss) of the Barclays Private Securitization VIE included in our condensed consolidated statement of operations ($ in thousands):
Three months ended September 30,
Nine months ended September 30,
2023202220232022
Net Interest Income:
Interest income from commercial mortgage loans$56,537 $30,518 $156,295 $86,695 
Interest expense(30,379)(12,668)(80,753)(32,830)
Net interest income$26,158 $17,850 $75,542 $53,865 
General and administrative expense(2)— (9)— 
Decrease (increase) in current expected credit loss allowance, net1,744 889 1,169 4,698 
Foreign currency translation gain (loss)(24,266)(50,237)(3,555)(111,745)
Net Income (Loss)$3,634 $(31,498)$73,147 $(53,182)
Schedule of Remaining Maturities of Borrowings At September 30, 2023, our borrowings had the following remaining maturities ($ in thousands):
Less than
1 year		1 to 3
years		3 to 5
years		More than
5 years		Total
JPMorgan Facility$356,095 $586,476 $229,648 $— $1,172,219 
Deutsche Bank Facility95,686 180,129 — — 275,815 
Atlas Facility— 83,300 580,517 — 663,817 
HSBC Facility— 637,440 — — 637,440 
Goldman Sachs Facility— 17,868 — — 17,868 
Barclays Facility— — 109,843 — 109,843 
MUFG Securities Facility— 196,137 — — 196,137 
Churchill Facility— 127,822 — — 127,822 
Santander Facility - USD— 75,000 — — 75,000 
Santander Facility - EUR53,267 — — — 53,267 
Barclays Private Securitization 253,436 781,989 782,774 — 1,818,199 
Total$758,484 $2,686,161 $1,702,782 $— $5,147,427 
Schedule of Outstanding, Maximum and Average Balances of Debt
The table below summarizes the outstanding balances at September 30, 2023, as well as the maximum and average month-end balances for the nine months ended September 30, 2023 for our borrowings under secured debt arrangements ($ in thousands).
As of September 30, 2023For the nine months ended September 30, 2023
 BalanceAmortized Cost of Collateral Maximum Month-End
Balance		Average Month-End
Balance
JPMorgan Facility$1,172,219 $1,981,220 $1,324,226 $1,226,645 
Deutsche Bank Facility275,815 417,733 385,818 338,297 
Goldman Sachs Facility17,868 35,852 70,249 35,181 
Atlas Facility663,817 932,656 688,126 668,655 
HSBC Facility637,440 822,049 667,430 651,260 
Barclays Facility109,843 136,354 111,909 111,450 
MUFG Securities Facility196,137 266,007 206,362 200,256 
Churchill Facility127,822 169,707 130,000 128,780 
Santander Facility - USD75,000 99,560 75,000 66,667 
Santander Facility - EUR53,267 71,023 55,403 54,244 
Barclays Private Securitization1,818,199 2,484,328 1,937,131 1,877,409 
Total$5,147,427 $7,416,489 

The table below summarizes the outstanding balances at December 31, 2022, as well as the maximum and average month-end balances for the year ended December 31, 2022 for our borrowings under secured debt arrangements ($ in thousands).
As of December 31, 2022
For the year ended December 31, 2022
 BalanceAmortized Cost of CollateralMaximum Month-End
Balance		Average Month-End
Balance
JPMorgan Facility$1,373,598 $2,376,154 $1,584,171 $1,411,644 
Deutsche Bank Facility385,818 565,387 432,455 400,337 
Goldman Sachs Facility70,249 116,619 164,607 140,599 
Atlas Facility632,747 855,119 633,143 541,245 
HSBC Facility637,313 813,716 660,004 501,674 
Barclays Facility111,909 138,510 172,693 102,664 
MUFG Securities Facility194,272 261,319 194,272 156,499 
Santander Facility53,320 71,093 53,320 50,450 
Barclays Private Securitization1,850,076 2,476,349 1,963,837 1,828,794 
Total$5,309,302 $7,674,266